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The Nifty 50 faced resistance near the 24140 level and slipped below the crucial 24,000 option base support on the expiry day. The index had been consolidating within a narrow range of 24000–24200, reflecting a healthy pause after its recent decisive breakout from a declining channel pattern. This breakout was backed by a strong bullish gap around the 23,800 zone, which continues to act as a key support for the ongoing series. Momentum indicators have softened, indicating a neutral bias in the near term. However, the ongoing consolidation near the upper band suggests underlying accumulation, keeping the broader bullish undertone intact, provided the index sustains above the 23,800 support level. On the upside, a sustained move above the 24200 resistance could trigger fresh buying interest, potentially pushing the index towards the 24400–24500 zone in the near term. On the downside, immediate support is placed at 23800, followed by a broader support zone between 23750 (20 DEMA) and 23645 (gap support). A breach below this range may weaken the trend and lead to further consolidation. Overall, the outlook remains cautiously optimistic, with a buy-on-dips strategy preferred.

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